Comparative Performance Analysis Of Bitcoin, Ethereum, And Solana In The Crypto Market

Abstract

This study aims to analyze and compare the performance of three major cryptocurrencies—Bitcoin, Ethereum, and Solana—during the 2021–2024 period, based on return, risk, and risk-adjusted performance indicators (Sharpe Ratio). The research applies a comparative quantitative method using secondary data from CoinMarketCap. The analysis includes descriptive statistics, annual return calculations, standard deviation, Value at Risk (VaR), Expected Shortfall (ES), and Sharpe Ratio. ANOVA was used to test differences in return, while Kruskal-Wallis and Mann-Whitney U tests were employed for risk and performance due to non-normal data distributions. The results show no significant differences in average return among the three assets. However, there are significant differences in risk levels, with Solana being the most volatile, followed by Ethereum and Bitcoin. In terms of Sharpe Ratio, no significant difference in performance was found. These findings indicate that while there are absolute differences in return and risk, the three assets provide a balanced level of return when adjusted for risk. Hence, diversification among these assets may serve as a relevant strategy for investors depending on their risk profiles.